COMMISSIONER OF WEALTH TAX Vs. TARABAI KANAKMAL

JUDGEMENT

(1.) FOLLOWING two questions were referred to this court under Section 27(3) of the W.T. Act by the Income-tax Appellate Tribunal, Indore :

(2.) AS regards question No. (2) we had noticed two conflicting decisions of this court and had referred the same for decision by a larger Bench. The Full Bench by its order dated August 6, 1982 (CWT v. Tarabai Kanakmal [1983] 140 ITR 374 (MP) [FB]), has held that for assessment years prior to 1st April, 1972, jewellery will not include gold ornaments not studded with precious or semi-precious stones within the meaning of Section 5(1)(viii).